Highest-materiality recent filing
Forward Air Q1 op income rises to $20M; net loss $40M; customer transition risk ~$250M rev
Q1 revenue $582M (-5.1% YoY); income from operations $20.4M vs $4.8M YoY; net loss $40.2M ($1.09 loss per share) improved from $61.2M loss.
Forward Air Q4 operating loss of $2.9M; EBITDA improves to $77M, Omni segment strong
Revenue $631M flat YoY; operating loss of $2.9M vs $75.9M profit in Q4 2024.
Forward Air Q3 revenue down 3.7% to $632M; net loss narrows to $23.8M
Revenue $632M vs $656M YoY; operating income $15M vs $23M.
Forward Air Q2 2025 revenue $619M; net loss $(0.41)/share; EBITDA margins improve
Revenue $618.8M, down 3.9% YoY from $643.7M; income from operations $19.5M vs loss $1.1B a year ago.
Jerome Lorrain appointed Executive Chairman of Forward Air; $450k salary plus equity awards
Jerome Lorrain named Executive Chairman; base salary $450,000 annually; no 2025 cash bonus.
George Mayes resigned after receiving more withhold (18.9M) than for (14.7M) votes; Polit and Tucker voluntarily resigned.
Forward Air Q1 2025 revenue up 13.2% to $613M; operating income swings to $4.8M from -$65.7M
Revenue $613M vs $542M YoY (+13.2%); income from operations improved $70.5M to $4.8M.
Forward Air updates preliminary Q1 2025 EBITDA estimate to $66-70M from $54-59M
Operating revenue estimated at $611-615M for Q1 2025.
Forward Air pre-announces Q1 2025 EBITDA $54M-$59M; liquidity rises to $392M
Preliminary consolidated EBITDA (non-GAAP) for Q1 2025 estimated between $54M and $59M.
Forward Air dismisses EY, appoints KPMG as auditor; Omni acquisition material weakness cited
Ernst & Young dismissed as auditor on March 24, 2025; KPMG engaged on March 27, 2025.
Forward Air Q4 revenue $633M (+87% YoY), net loss -$1.23/share; FY EBITDA $308M near top of guidance
Q4 revenue $633M (+87% YoY); operating income $76M includes $79M goodwill impairment adjustment.
Forward Air announces strategic review, amends credit agreement; reaffirms FY2024 guidance
Board of Directors launches review of strategic alternatives to maximize shareholder value.
Forward Air President and COO Chris Ruble departs Dec 6, 2024
President and COO Chris Ruble terminated without cause effective Dec 6, 2024.
Forward Air Q3 net loss $34.2M, EPS loss $2.62; guides 2024 EBITDA $300-310M
Revenue $655.9M (+92% YoY), operating income $22.7M, net loss $34.2M (diluted EPS -$2.62 vs $0.25 prior year).
Forward Air reports Q2 net loss of $966M; sees 2024 EBITDA of $310-325M
Operating revenue $644M, +93% YoY on Omni deal; net loss $966M ($23.29 diluted loss).
Forward Air appoints Jamie Pierson permanent CFO, James Faught as CAO effective July 3, 2024
Jamie Pierson, interim CFO since May 2024, named permanent CFO; base salary $625K, target bonus 75%.
Omni Newco 2023 revenue down 29% YoY to $1.32B; net loss $243M
Omni 2023 revenue $1,320.8M vs $1,872.3M in 2022; operating loss $70.6M vs income $116.7M.
Forward Air appoints Jamie Pierson as interim CFO; CFO Rebecca Garbrick departs
CFO Rebecca Garbrick departs; termination without cause, eligible for severance and outplacement up to $20k.
Forward Air revises Q1 GAAP EPS downward by $0.46 to $(2.81) due to preferred unit dividend
Net loss per diluted share adjusted from previously reported figure to $(2.81), a $0.46 decrease.
Forward Air Q1 net loss $88.8M; appoints Shawn Stewart CEO; Omni integration in progress
Q1 net loss of $88.8M ($2.35 diluted loss) vs net income of $33.9M ($1.27) in Q1 2023.
Forward Air names Shawn Stewart CEO effective April 28; Hance returns to legal role
Shawn Stewart appointed CEO and director effective April 28, 2024; Michael Hance returns to Chief Legal Officer and Secretary.
Forward Air files Omni acquisition audited financials: 2022 revenue $1.87B, net income $16M
Omni Newco 2022 audited revenue $1.872B, net income $16.0M, total assets $2.064B.
Forward Air Q4 net loss $14.7M, revenue down 16%; adjusted EPS $0.81 beats guidance
Net loss of $14.7M ($0.58 diluted loss) vs net income of $39M ($1.45) in Q4 2022.
Amendment No. 2 temporarily increases max consolidated first lien net leverage ratio to 6.00x for Q2/Q3 2024, stepping down to 4.50x by Q3 2025.
Forward Air CEO Tom Schmitt departs; Interim CEO, new Chairman, and directors appointed
Thomas Schmitt ceased as Chairman, President, and CEO; termination without cause under Severance Plan.
Forward Air completes $20M cash + stock acquisition of Omni; assumes $1.85B in new debt
Acquisition of Omni closed Jan 25, 2024; consideration includes $20M cash and equity representing up to 35% of Forward's fully diluted shares.
Forward Air settles Omni litigation; amends merger to $20M cash plus equity stake up to 35%
Settled all claims in Omni Newco v. Forward Air (Del. Ch.) and entered Amendment No. 1 to Merger Agreement.
Forward Air sells Final Mile business to Hub Group for $262M
Final Mile sold to Hub Group for $262M cash; transaction closed Dec 20, 2023.
Forward Air subsidiary secures $1.125B term loan to finance Omni merger, placed in escrow
GN Loanco, LLC obtained $1.125B senior secured term B loans from Citibank; mature Dec 19, 2030.
Omni Newco YTD net loss $171.2M, revenue down 29% YoY
Nine-month revenue $998.9M vs $1.407B in prior year; net loss $171.2M vs net income $8.5M.
Forward Air files pro forma financials for Omni acquisition; pro forma net loss of $89.4M
Pro forma combined revenues for 9mo Sep 30, 2023: $2.214B; net loss attributable to common: $89.4M.
Forward Air Q4-to-date: weight per shipment +11%, revenue per shipment ex-fuel +2.6%
Weight per shipment increased 11.0% vs same period last year through November 2023.
Forward Air files counterclaim against Omni, seeks to terminate merger
Filed answer and counterclaim in Delaware Court of Chancery on Nov 10, 2023.
Forward Air Q3 revenue down 19%; adjusted EPS $0.99; Q4 guidance weak
Revenue $413.4M (-18.9% YoY); net income $9.3M ($0.36 diluted EPS).
Forward Air says Omni deal unlikely to close; considering termination
Court dissolved TRO sought by shareholders to block the Omni merger.
Effective as of the Effective Date, the Board appointed Christine M. Gorjanc, a current member of the Board, to serve as the independent Chair of the Board.
On July 10, 2026 (the “Effective Date”), Jerome Lorrain resigned as the Executive Chairman of the Board of Directors (the “Board”) of Forward Air Corporation (the “Company”).
On April 24, 2026, the board of directors (the “Board”) of Forward Air Corporation (the “Company”) received notice from Charles L. Anderson and Robert L. Edwards, Jr. that each will not be standing for re-election at the Company’s annual meeting of stockholders to be held on June 17, 2026 (the “2026 Annual Meeting”).
On April 24, 2026, the board of directors (the “Board”) of Forward Air Corporation (the “Company”) received notice from Charles L. Anderson and Robert L. Edwards, Jr. that each will not be standing for re-election at the Company’s annual meeting of stockholders to be held on June 17, 2026 (the “2026 Annual Meeting”).
the board of directors of FWRD-Tennessee appointed Jerome Lorrain, an independent director, to the position of Executive Chairman, effective June 11, 2025.
On June 11, 2025, Javier Polit and Laurie A. Tucker resigned as members of the board of directors of FWRD-Tennessee, effective June 11, 2025.
the board of directors of FWRD-Tennessee appointed Paul Svindland to serve as the Lead Independent Director of the board of directors of FWRD-Tennessee, effective June 11, 2025.
On June 11, 2025, Javier Polit and Laurie A. Tucker resigned as members of the board of directors of FWRD-Tennessee, effective June 11, 2025.
the Board nominated Paul Svindland for election to the Board by the Company’s shareholders at the 2025 Annual Meeting
On March 20, 2025, each of Ana Amicarella and Valerie Bonebrake notified the Board of Directors (the “Board”) of Forward Air Corporation (the “Company”) that they will not stand for re-election to the Board at the Company’s 2025 Annual Meeting of Shareholders (“2025 Annual Meeting”).
On March 20, 2025, each of Ana Amicarella and Valerie Bonebrake notified the Board of Directors (the “Board”) of Forward Air Corporation (the “Company”) that they will not stand for re-election to the Board at the Company’s 2025 Annual Meeting of Shareholders (“2025 Annual Meeting”).
On November 8, 2024, the Company announced that Mr. Kyle Mitchin, the Company’s Chief People Officer, would be departing from the Company with his last day of employment being November 22, 2024.
Max materiality 0.90 · Median 0.65 · Most common event leadership